(b) "participating legal entities" means companies and firms within the meaning of the second paragraph of Article 48 of the Treaty, including cooperatives, as well as legal bodies formed under, and governed by, the law of a Member State, directly participating in the establishing of an SCE.
b) "entités juridiques participantes", les sociétés au sens de l'article 48, second alinéa, du traité, y compris les coopératives, ainsi que les entités juridiques constituées selon la législation d'un État membre et relevant de cette législation, participant directement à la constitution d'une SCE.